Loan Forgiveness Overview
The federal government may cancel part or all of your student loans under specific conditions, known as Loan Forgiveness.
Eligibility Criteria:
You may qualify by:
- Volunteering
- Serving in the military
- Teaching or practicing medicine in certain communities
- Meeting other specific program criteria
Volunteer Programs Offering Forgiveness:
- : Serve 12 months and receive up to $7,400 in stipends and $4,725 towards loans.
- : Volunteers can defer Stafford, Perkins, and Consolidation loans and receive partial cancellation of Perkins Loans.
Military Loan Forgiveness:
- : Eligible students can receive up to $10,000 through the Student Loan Repayment Program.
:
- Up to $17,500 for teachers in certain specialties, or $5,000 for other teachers who work for 5 years in low-income schools.
- Perkins Loan Forgiveness is available for full-time teachers in schools serving low-income students under the National Defense Education Act. Contact your school district to see if you qualify.
:
- After 10 years of full-time public service and 120 payments under the Direct Loan program, any remaining debt may be forgiven. Payments made on or after October 1, 2007, count toward eligibility.